Description: Findings from EY Insurance Risk Management Team's 2016 (annual) Insurance Chief Risk Officer Survey.

Description: The purpose of this paper is to explore a methodology for choosing among techniques for managing contribution volatility in defined- benefit pension plans. A frequently used – and as often criticized – method for managing contribution volatility is to base actuarial cost on smoothed assets. Our goal in this paper is to develop a methodology for measuring and evaluating the quantitative impact of competing asset smoothing policies. We proceed by investigating a series of basic pension metrics, evaluating the characteristics of each using a simulated pension plan. We then use normalized and weighted combinations of these metrics to determine an optimal smoothing policy.

Description: Opinion article that explores the possibility of the actuarial profession producing its own Nate Silver, someone able to convert complicated actuarial concepts into meaningful and understandable public communications.

Description: Target volatility, as an investment strategy, has been used by many funds not only as a way to smooth return but also as a way to manage risks of the VA guarantees. Contrary to existing research which favors volatility targeting over fixed allocation, this article shows that because of the existence of market jump risk, target volatility strategy does not necessarily offer an improved risk profile for VA writers. Further, target volatility coupled with leveraging can significantly increase tail risk for insurance companies.

Description: Impact investing is investments in “companies, organizations and funds with the intention to generate social impact alongside a financial return”.

Description: Consensus of viewpoints from a group discussion on economic forecasting at the March meeting of the Canadian Institute of Actuaries.

Description: The purpose of this paper is to explore pension plan metrics— – measuring the behavior of a defined- benefit pension plan in an uncertain environment. Our goal is to measure and evaluate the quantitative impact of competing policy choices. We proceed by investigating some basic pension metrics, evaluating the characteristics of each using a simulated pension plan. We find that some typical metrics— – such as the mean and standard deviation— – are useful only in certain circumstances and that other less traditional measurements are sometimes better suited to evaluating policy choices.

Description: Panel discussion of alternative approaches to the design of reserve standards, to include those topics discussed in several recent papers and committee reports.

Description: Interview with Ryan Krisac, director of model controls at Penn Mutual Life.